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This paper provides a fuller characterization of the analytical upper bounds for American options than has been available to date. We establish properties required of analytical upper bounds without any direct reliance on the exercise boundary. A class of generalized European claims on the same underlying asset is then proposed as upper bounds. This set contains the existing closed form bounds of Margrabe, (1978) and Chen and Yeh (2002) as special cases and allows randomization of the maturity payoff. Owing to the European nature of the bounds, across-strike arbitrage conditions on option prices seem to carry over to the bounds. Among other things, European option spreads may be viewed as ratio positions on the early exercise option. To tighten the upper bound, we propose a quasi-bound that holds as an upper bound for most situations of interest and seems to offer considerable improvement over the currently available closed form bounds. As an approximation, the discounted value of Chen and Yeh's (2002) bound holds some promise. We also discuss implications for parametric and nonparametric empirical option pricing. Sample option quotes for the European (XEO) and the American (OEX) options on the S&P 100 Index appear well behaved with respect to the upper bound properties but the bid–ask spreads are too wide to permit a synthetic short position in the early exercise option.

Social scientists have increasingly turned to constructivist models to explain when, and how, international and world-level social forces constrain the policy-making autonomy of national states. While constructivists have shown that international ideational processes matter for domestic policy making, they have had a harder time explaining why some ideas gain prominence in policy discussions while others do not. This chapter develops an institutionally centered materialist model of idea selection, arguing that international relations of dependency give actors who control vital financial resources a greater capacity to shape the ideational agenda. This model is explored through a case study of the international sources of American monetary policy in the early 1960s. A detailed examination of archival materials shows that European officials at the Organization for Economic Cooperation and Development were able to advance their own ideas for American monetary policy because the United States was dependent on European cooperation to help resolve its mounting balance of payments problems.

Upon entering developed markets, emerging market multinational corporations (EMNCs) from China and India must compete with both host companies and other developed nation MNCs to attract and recruit necessary local talent. The purpose of this paper is to examine to what extent EMNC firms will be perceived as less attractive employers than their developed nation counterparts due to a perceived liability of origin bias. Major demographic and psychographic factors that may affect this bias will also be identified.

Seven hypotheses were tested on a total of 626 German, French and American respondents. Participants were randomly presented identical job descriptions from four hypothetical MNCs (American, European, Indian and Chinese) and were asked to evaluate the perceived attractiveness of working for, as well as their intent to pursue employment with, the offering firm.

Using hierarchical linear regression testing, combined with analysis of variance testing, EMNCs were found to have significantly lower organizational attractiveness than equivalent European or American owned MNCs. Mixed results were found for the various hypotheses based on the moderator variables.

Because the study included three distinct sub-groups, supplemental analyses controlling for possible variances between the sub-groups themselves are included. This multicultural study is one of the first to address the human perspective of EMNC outward foreign direct investment (OFDI) by identifying the existence of a potential liability of origin bias toward emerging market firms manifested by potential developed market job applicants. Furthermore, this study is one of the first to examine the influence of applicant age, professional status, gender and nationality with respect to the differences in the perceived level of organizational attractiveness between emerging market and developed nation firms.

This paper extends the literature in three important research areas. First, an extension to the literature on the highly relevant topic of OFDI by Chinese and Indian firms is made. Second, traditional research in the field of organizational attractiveness is further extended by combining it with the timely subject of Chinese and Indian OFDI into developed markets. Finally, this study extends international business literature by studying the influence of demographic and psychographic moderators on the perceived level of organizational attractiveness between emerging market and developed nation firms.

The aim of this paper is to examine the impact of directors' home regions on corporate social responsibility (CSR) disclosure. Specifically, the authors aim to determine whether Anglo-American, European, French, other European and other regional directors' presence affects CSR disclosure differently.

This empirical study uses panel data analysis of all listed firms on the SBF 120 from 2008 to 2019. The environmental, social and governance (ESG) scores are collected from the Bloomberg database and indicate the extent of CSR information disclosure by French companies. The paper is based on a dynamic generalized method of moments panel estimator that makes it possible to control for unobservable heterogeneity and endogeneity and reduces estimation bias.

The findings of this study provide evidence that home region diversity and the presence of Anglo-Americans on a board are positively and significantly associated with ESG disclosure and environmental disclosure, whereas they are negatively associated with social and governance disclosure. Surprisingly, when directors come from European countries, they disclose less ESG and environmental information. Nevertheless, when only French directors are present, the company tends to divulge all dimensions of CSR. Indeed, while there is a significant positive influence of French directors on ESG disclosure, the presence of other European directors displays negative and statistically significant regression coefficients.

This study may be interesting the French policy makers who can now pay more appropriate attention to directors' nationality or region. Thus, firms should identify the foreign directors who can support their strategy with relevant experience in terms of CSR. This could help to change the opinion of some companies that consider the internalization of the board as a constraint rather than an opportunity. These results will be useful for French-listed companies in setting the criteria for the appointment of foreign directors. It may be interesting to recruit directors across European boundaries.

This paper attempts to provide a better understanding of the effects of the home regions of directors on CSR disclosure in order to enlighten corporate managers whose companies operate in different cultures given that they have to deal with this aspect. In this international business environment, CEOs should increasingly consider the international CSR experience of directors to be a resource. In addition, this study may be of relevance to French market authorities, which constantly encourage firms to diversify the profiles of directors on their boards and recruit more international members.

This study is the first to evince that the disclosure of each CSR disclosure score differs depending on the directors' home regions. Unlike previous studies, the authors focused simultaneously on the resource-based view (RBV) and institutional theory.

Investigates the image of craftsmanship as a predictor influencing the purchase, by Americans, of European cars. Focuses also on the development of the factor model used in identifying differences between the purchase of European and American cars. Complements efforts of many others intent on the identification of factors giving the Europeans the competitive edge. Reports on a sample of 250 recent purchasers of US and European cars to find out the variables involved, of these 200 were returned and 140 were used for analysis – the remaining 60 were retained to be used as a final test of the model. Objectives were to determine whether such points as craftsmanship influenced Americans to purchase a European car and uses image analysis as well as discriminant analysis. Concludes that though this analysis and results are discussed it can in no way be described as definite or inclusive. Says this research may provide impetus for more extensive research into European image and impact on US consumers.

The monograph argues that American racism has two colours (white and black), not one; and that each racism dresses itself not in one clothing, but in four: (1) “Minimal” negative, when one race considers another race inferior to itself in degree, but not in nature; (2) “Maximal” negative, when one race regards another as inherently inferior; (3) “Minimal” positive, when one race elevates another race to a superior status in degree, but not in nature; and (4) “Maximal” positive, when one race believes that the other race is genetically superior. The monograph maintains that the needs of capitalism created black slavery; that black slavery produced white racism as a justification for black slavery; and that black racism is a backlash of white racism. The monograph concludes that the abolition of black slavery and the civil rights movement destroyed the social and political ground for white and black racism, while the modern development of capitalism is demolishing their economic and intellectual ground.

The study of international business has become increasingly important in recent years. So important that the American Assembly of the Collegiate Schools of Business (AACSB) has called for the internationalisation of business curricula. In 1992 and beyond, successful business people will treat the entire world as their domain. No one country can operate in an economic vacuum. Any economic measures taken by one country can affect the global economy. This book is designed to challenge the reader to develop a global perspective of international business. Globalisation is by no means a new concept, but there are many new factors that have contributed to its recently accelerated growth. Among them, the new technologies in communication and transport that have resulted in major expansions of international trade and investment. In the future, the world market will become predominant. There are bound to be big changes in the world economy. For instance the changes in Eastern Europe and the European Community during the 1990s. With a strong knowledge base in international business, future managers will be better prepared for the new world market. This book introduces its readers to the exciting and rewarding field of international management and international corporations. It is written in contemporary, easy‐to‐understand language, avoiding abstract terminology; and is organised into five sections, each of which includes a number of chapters that cover a subject involving activities that cross national boundaries.

Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.

This empirical research based on a sample of 154 companies in Canada, USA, Germany and Denmark compares new product development practices in North America and Europe. A literature survey established a research model consisting of six blocks of criteria thought to influence the outcome of new product development efforts. The data collection tool, a mailed questionnaire, was established. It was hypothesized that new product development programmes and their outcomes were not different between Europe and North America. The findings indicate there are significant programme and outcome differences between those two areas. On average the European firms followed more practices that are considered “good new product development practices” and were more positive about their new product development results. The differences between North American and European firms′ approaches can be, at least to some degree, explained by cultural/national conditions.